Section 15-311-21 - Project criteria for funding; minimum requirementsQualified housing projects funded in whole or in part through loans or grants from the rental housing revolving fund must meet the one of the following criteria:
(a)(1) At least fifty per cent of the available units are for persons and families with incomes at or below eighty per cent of the median family income; and(2) At least five per cent of the available units are for persons and families with incomes at or below thirty per cent of the median family income; and(3) The remaining units are for persons and families with incomes at or below one hundred per cent of the median family income at the time of admission into the housing project; or(4) Is a mixed-income rental project or units in a mixed-income rental project wherein all of the available units are for persons and families with incomes at or below one hundred forty per cent of the median family income. Provided, however, that if there are an insufficient number of persons or families who meet the income qualifying criteria for admission into the housing project, the corporation may permit the developer to rent units to higher income tenants in order to ensure full occupancy of funded projects.
(b) At the close of each biennium, at least one-third of the funds allocated to construction projects for the period shall have been committed to projects that guarantee affordable units to persons or families with incomes at or below thirty per cent of the median family income pursuant to subsection (a)(2) above.[Eff APR 23 2010] (Auth: HRS § 201H-202) (Imp: HRS § 201H-202)